Private-equity giant Apollo commits to up to $250 million in financing
Shares of Redfin Corp. jumped more than 12% in the extended session Monday after news that Apollo Global Management has agreed to commit up to $250 million in financing for the real-estate brokerage.
The financing from the private-equity giant comes in the form of a first-lien term loan, of which half was borrowed on Friday, Redfin said. The remainder will be available as a delayed draw within the next 12 months, Redfin said in the filing. The real-estate company will use the cash on the balance sheet to buy back a portion of its existing convertible notes.
In addition to buyback clauses, Redfin can use proceeds from the loan to buy additional convertible notes in the open market or privately negotiated transactions, it said.
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